Will Gemini Become the Next Coinbase

Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has officially filed its S-1 with the SEC for a Nasdaq IPO under the ticker GEMI. The filing reveals some key insights into Gemini’s financial health, including a sharp increase in net losses during the first half of 2025 compared to last year and a notable decline in revenue. As part of its restructuring, Gemini plans to shift most user accounts to a Florida-based entity called “Moonbase,” while its New York trust will remain in place. The filing also disclosed a new $75 million credit agreement with Ripple, payable in Ripple’s RLUSD stablecoin. If successful, this IPO will make Gemini only the third publicly traded crypto exchange in the United States, following Coinbase and Robinhood. This move marks a critical turning point for Gemini as it attempts to strengthen its financial footing and expand its global presence.

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